GVR Report cover Paints & Coatings Market Size, Share & Trends Report

Paints & Coatings Market Size, Share & Trends Analysis Report By Product (Powdered, Solvent-borne), By Material (Acrylic, Epoxy), By Application (Architectural & Decorative, Non Architectural), And Segment Forecasts, 2020 - 2027

  • Report ID: GVR-1-68038-497-0
  • Number of Report Pages: 142
  • Format: PDF, Horizon Databook
  • Historical Range: 2016 - 2018
  • Forecast Period: 2020 - 2027 
  • Industry: Bulk Chemicals

Report Overview

The global paints and coatings market size was valued at USD 146.17 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.3% from 2020 to 2027. The market is expected to be driven by the increasing product consumption in the construction, automotive, and general industries application sectors. Rapid urbanization and industrialization in the emerging countries, such as India, China, and Southeast Asia, are anticipated to fuel the product demand in various applications. However, the outbreak of COVID-19 may have a negative impact on market growth in the near future. The global market has grown moderately in the past few years in spite of various uncertainties, such as the economic slowdown of major economies, negative & positive influence of the low crude oil prices, fluctuations in the value of the U.S. dollars, the high growth rate of the U.S. automotive and construction industry, the tenuousness of the recovery of various European nations, and developments in regulatory norms globally.

The U.S. Paints and Coatings Market

Despite the fact that many of these factors are beyond the control of coats & glaze formulators, manufacturers, raw material and end product distributors, and marketers, the industry has rapidly responded exceptionally to these crucial changes in market conditions. This has been possible owing to the introduction of various innovative manufacturing processes and technologies that helped companies to instantly mitigate to numerous potential negative impacts and maximize their opportunities for carrying growth to the decorates & glaze products.

From the past decade, innovative formulation technologies have significantly facilitated to cater to numerous new and diverse consumer demands. Anticorrosive protection, low-VOC content coats, and nanocoatings are few of the recent innovations available in the present market. The introduction of nanotechnology has played a significant role in the industry. Apart from developing zero or low-VOC content formulations, industry players have used this technology to develop nano paints & coatings. This includes the introduction of ceramic or metals in various types of formulations.

The integrations carried out can be in the form of granules, free powder, or particles, which are then inserted in the finished product matrix. Some of the recent innovations that nanotechnology has enabled the formulators to develop include products that can conduct electricity or exhibit UV protective or self-healing properties. Apart from these, they are also highly resistant to scratch, mar wear, and corrosion. Hence, these advancements in technology and the introduction of new products are expected to augment future growth across the industry over the forecast period.

Strict governmental and environmental regulations, such as the Clean Air Act, the Occupational Safety and Health Administration (OSHA), and EU legislation, are restraining the market growth of the solvent-based product. However, these regulations are propelling the adoption of water- and powder-based paints and coatings, which is expected to positively impact market growth. Companies, such as Jotun, Arkema S.A., Axalta Coating Systems, and RPM International, Inc., are now focusing on developing eco-friendly coatings, such as water- and powder-based, to reduce their ecological footprints, which is further expected to boost the market growth in the coming years.

Paints and Coatings Market Trends

The construction industry requires several types of paints and coating formulations to meet the requirements of different applications. Abrasion and wear-resistant paints and coatings, high-temperature paints and coatings, intumescent coatings, and water-resistant coatings are often used in paint and coating products in the industry. They are helpful for different construction equipment to ensure resistance to wear & tear, aesthetic, durability, anti-corrosion, and operational efficiency.

Countries such as India, China, Japan, and other Southeast Asian countries significantly contribute to the growth of the construction industry in the Asia Pacific. Increasing industrialization & urbanization, growing middle-class population, and improving living standards are the major factors propelling construction growth in this region.

The construction industry in India is anticipated to register a significant growth rate over the forecast period owing to the increasing infrastructure investments by the government and the growing residential sector. Strong economic growth and rising government spending to develop infrastructure in the country are notably fueling the growth of the construction industry in India. The private sector is emerging as a key player across various infrastructure sectors, including roads, communication, power, and airports. The Indian government is offering a single-window clearance facility for speedy approvals of construction projects to boost the country’s infrastructure. In addition, government initiatives such as Housing for All, Make in India, and Smart Cities are likely to propel the growth of the construction industry in the country in the coming years.

The paints and coatings industry has witnessed significant growth in the use of environment-friendly materials as a part of sustainable or green chemistry in recent years. Rising consumer awareness for sustainable products coupled with increasingly strict environmental regulations regarding reducing volatile organic compounds (VOC) emissions supports the demand for eco-friendly paints and coatings. The eco-friendly nature of coatings has been one of the most important factors in the paints and coatings market as these coatings do not contain any solvents, resulting in negligible VOC emissions as well as reduced risk of combustion during its application and storage.

China is expected to witness high demand for eco-friendly coatings over the forecast period due to several government initiatives to reduce VOC emissions in the country under the 13th Five-Year Plan. Under the 13th Five-Year Plan, the government also focuses on raising the production of environmentally friendly coating varieties by 57% of the total coatings output in China by 2020. This push toward eco-friendly coatings is likely to outpace the development of the overall paints and coatings industry, thereby boosting the demand for eco-friendly paints and coating in the coming years.

Low carbon dioxide (CO2) and VOC emissions coupled with less wastage are expected to contribute toward maintaining a green environment. Technological advantages offered by the product and the simplicity of application have resulted in powder coatings being a preferred choice for coating applications compared to other coatings.

Product Insights

The waterborne segment led the market and accounted for the largest share of more than 37% in 2019. The increasing spending in the construction sector and consumer preference for eco-friendly products are expected to support the segment growth over the forecast period. Water-based paints and coatings are widely used in confined and poorly ventilated spaces. These coatings dry faster than solvent-based products due to the rapid evaporation of water from the coating layer.

Global Paints and Coatings Market

The solvent-borne product segment is estimated to record a slower growth rate as compared to other product types owing to the stringent regulations concerning products with high VOC content. However, the rising application of solvent-based products in industrial and architectural purposes, owing to their lesser drying times and better functionality in open & humid conditions, is expected to fuel the segment growth over the forecast period.

Material Insights

The acrylic segment led the market in 2019 and accounted for the maximum revenue share of more than 42%. This growth is attributed to the excellent stabilization and weathering properties of acrylic products. Acrylic resins are widely used in water reducible and emulsion resins for the manufacturing of coats and varnishes. Its characteristics include thermoplastic nature, optical clarity, weather/UV resistance, and excellent dimensional stability.

Also, acrylic resins are used more in wet coats, which have higher VOC levels as compared to powder-based coatings. Currently, owing to the development of advanced technologies, the business has witnessed a huge shift from solvent-based to water-based or powdered coats. Implementation of stringent regulations globally and rising awareness about VOC contents are expected to be the major factors driving the demand for water-based products, which, in turn, is anticipated to drive the demand for acrylic resins.

Application Insights

The architectural and decorative segment led the market and accounted for more than 57% share of the global revenue in 2019. Growing construction activities and significant development of rail and road infrastructure in various developing and developed countries, such as the U.S., India, China, Germany, the U.K., and European countries, are expected to drive the product demand in the segment over the forecast period.

The emerging region, such as the Asia Pacific and MEA, have witnessed strong growth in non-residential sectors, including FMCG, IT, telecom, and retail, resulting in increased demand for coatings. An increasing number of FMCG companies in India, China, and Singapore are expected to augment the market share of architectural & decorative paints and coatings in the near future. In addition, rapid industrialization, increasing government infrastructure spending, and increasing FDI is expected to boost the segment growth.

However, the COVID-19 pandemic has severely impacted the market growth in the building and construction sector. Stoppage of all construction projects, movement restriction, production halt, and shortages of labor to contain the COVID-19 outbreak has led to a decline in the growth of the construction industry, which, in turn, is anticipated to hamper the demand for paints and coatings in the architectural and decorative applications in the near future.

Regional Insights

Asia Pacific including China and Southeast Asia dominated the market and accounted for over a 35% share of global revenue in 2019. Rising construction activities and growing demand from the automotive sector in emerging countries, such as China, India, Japan, and Southeast Asia, are expected to drive the market over the forecast period. Furthermore, the easy availability of raw materials, coupled with less stringent laws regarding VOC emissions as compared to the law in North America and Europe, has provided huge growth opportunities to the market.

Paints & Coatings Market Trends by Region

Europe dominated the paints and coatings market and accounted for the largest revenue share of 27.57% in 2020. The European market has been very dynamic post-Brexit, and the paints and coatings market is likely to be affected as the UK has been one of the significant markets for paint and coatings. Surging automobile production in Hungary, Germany, Austria, Romania, and the UK, along with strong manufacturing bases of companies such as Volkswagen AG, Daimler-Chrysler, Chevrolet, Dodge, and Mercedes-Benz, is expected to drive the product demand.

Low labor costs in the emerging nations of Asia Pacific has attracted many foreign investors to set up their manufacturing facilities in the region. Thus, the growing number of manufacturing facilities is boosting the construction activities in the region, which, in turn, is anticipated to propel the demand for paints and coatings over the forecast period.

Initiatives toward newer product developments, including driverless cars, are the major factors expected to increase investments in the industry. In addition, emerging trends to cut down vehicle emissions and develop cleaner cars lead to electric car development. All these factors are expected to have a positive impact on the growth of the automotive industry in the country, which, in turn, is anticipated to propel the demand for paints and coatings over the forecast period.

Europe is the second-largest market and accounted for over 27% share of the global revenue in 2019. Expanding the construction sector in various countries, including the U.K., the Netherlands, Germany, Hungary, Poland, Sweden, and Ireland, is expected to propel the product demand over the forecast period. Increased funding from the EU, coupled with supportive measures, such as subsidies, tax breaks, and incentives taken by various governments, is anticipated to augment the growth of the construction sector in the region.

Germany dominates the automotive market in Europe with 42 engine production plants and assembly that contribute to one-third of the total automobile production in the region. The sale of new vehicles is constantly increasing with improvement in the economy, reflecting consumer confidence, which is expected to positively impact the paints and coatings market in the coming year. However, the sale of a new car has witnessed a small contraction in sales owing to the introduction of new WLTP emission control regulation to promote vehicle quality by reducing emissions to lower levels possible, which has caused several restrictions on new car registration.

However, the recent outbreak of COVID-19 across the world has hampered the demand for paints and coatings majorly in the building & construction, automotive & transportation, and consumer goods applications. In addition, the unavailability of adequate substitutes for banned lead chromate, surging raw material prices, and stringent European Union regulations are further expected to hamper the market growth in the coming years

France's architecture and furniture industries are gaining momentum after witnessing a rapid decline during the economic downfall. The growth is driven by rising residential and commercial construction activities, especially those related to commercial buildings and offices. The aforementioned factors are expected to fuel the demand for paints and coatings in the country over the forecast period.

Key Companies & Market Share Insights

The key players are rigorously competing and offering custom solutions for high-performance low-cost paints and coating requirements. Factors, such as strong geographical presence, distribution network, and extensive product portfolio determine a company’s market positioning. Major players focus on mergers & acquisitions, expansion of their manufacturing facilities, infrastructural development, investments in R&D facilities, and are seeking opportunities to vertically integrate across the value chain. These initiatives help them cater to the increasing global demand, ensure competitive effectiveness, enhance sales & operations planning, develop innovative products & technologies, lower the production costs, and expand customer base.

For instance, in November 2019, Akzo Nobel N.V. acquired Mapaero Coatings, a French aerospace coatings manufacturer, to strengthen its global position in aerospace coatings. In June 2017, The Sherwin-Williams Company acquired The Valspar Corp., a manufacturer of paints and coatings, to accelerate its growth strategy and expand its paints and coatings product portfolio. The global market is found to be significantly fragmented in nature owing to the presence of a number of manufacturers across the globe. Some of the prominent players in the paints and coatings market include:

  • The Sherwin Williams Company

  • Akzo Nobel N.V.

  • Axalta Coating Systems, LLC

  • PPG Industries, Inc.

  • RPM International, Inc.


  • Henkel AG & Company, KGaA

Paints & Coatings Market Report Scope

Report Attribute


Market size value in 2020

USD 150.7 billion

Market volume in 2020

45,851.58 kilotons

Revenue forecast in 2027

USD 202.7 billion

Volume forecast in 2027

57,262.96 kilotons

Growth Rate

CAGR of 4.3% from 2020 to 2027 (Revenue-based)

Base year for estimation


Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Volume in kilotons, revenue in USD million and CAGR from 2020 to 2027

Report coverage

Volume forecast, revenue forecast, competitive landscape, growth factors and trends

Segments covered

Product, material, application, region

Regional scope

North America; Europe; Asia Pacific; China; South East Asia; Central & South America; Middle East & Africa

Country Scope

The U.S.; Canada; Mexico; Germany; The U.K.; France; India; Japan

Key companies profiled

The Sherwin Williams Company; PPG Industries, Inc.; Akzo Nobel N.V.; Nippon Paint Holdings Co., Ltd.; Axalta Coating Systems, LLC; BASF SE; RPM International Inc.

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Global Paints & Coatings Market Segmentation

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global paints & coatings market report on the basis of product, material, application, and region.

Global Paints and Coatings Market Segmentation

  • Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

    • Waterborne coatings

    • Solvent-borne coatings

    • Powder coatings

    • High solids/radiation curing

    • Others (Specialty Coatings)

  • Material Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

    • Acrylic

    • Polyester

    • Alkyd

    • Polyurethane

    • Epoxy

    • Others

  • Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

    • Architectural & Decorative

    • Non-Architectural

      • Automotive & Transportation

      • Wood

      • General Industrial

      • Marine

      • Protective

      • Others

  • Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

    • North America

      • The U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • The U.K.

      • France

      • Italy

    • Asia Pacific

      • India

      • Japan

    • China

    • Southeast Asia

    • Central & South America

    • Middle East & Africa

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